Graduate schemes and professional qualifications

[BillieJeanIsNotMyLover]

Have an economist son applying for jobs.

Just curious what people's experiences were of professional qualifications in grad schemes?

DS has some that will sponsor accountancy qualifications. A job he is really really hoping for (at an asset management company) will sponsor a CFA.

The majority of accountancy and CFA qualifications are studied via L7 apprenticeships. I'm using ACA as an example.

On an accountancy grad scheme starting on 1 Sept they will usually go to their professional training college in mid September for 2 weeks intensive studying. They will sit their first certificate level exams 2 - 3 weeks later. This routine continues throughout their 3 years of training. September starters are typically doing tax exams this month and another paper around Christmas.

Pass rates are usually 70-80% per paper across the 3 levels, but fail a paper more than once or multiple papers and you may quickly be out of a job, especially in the early days.

After that they fall into a routine of sitting 2- 3 exams every 3 to 6 months, typically receiving around 6 - 10 days of study leave per paper. Most of that study leave is used in the classroom. There are 3 main training providers each with centres around the country near the offices of Big 4 firms.

They will also build up their skills during their apprenticeship recording their experience as they go.

CFA is likely to be similar although most professional qualifications are studied for online or in the classroom in London.

DD did the ICAEW exams on a graduate scheme with one of the Big Four. It was pretty intense as study has to be done on top of what can be a pretty heavy workload, though she was in audit which is notorious for long hours. The first set of exams were stressful as she was a languages graduate and had to go from not even knowing what a balance sheet was to passing an initial accounting exam in 3 weeks. Obviously that would not be an issue for your DS! For the professional and advanced exams she was often studying for 2 hours before starting work in the morning and then going in to the office to study with colleagues at the weekend (they kept each other on track!). She qualified this year and has moved out of audit into a head office job with excellent prospects, salary and bonuses, so all the hard work has paid off.

DS is currently in his 2nd year of ACAs with one of the Big 4.
He’s an economics graduate and as such does not get any exemptions for the exams. Exemptions are more likely if you’ve done an accountancy degree and even then, the Big 4 don’t tend to give as many exemptions as some of the smaller format
It’s a lot of work - he’s got exams coming up in December and he’s basically going to work, coming home and revising. Hopefully it’ll all be worth it! At his firm, you can postpone exams and take them in the next cycle, but if you fail them below a certain point, you are in danger of losing your job. He’s seen people go.

The exams are funded by his firm, but if he’d gone into the consultancy division he would’ve been earning a bit more at this stage, so (in effect) he is contributing towards the costs.

He shouldn’t take accountancy exams unless he actually wants to be an accountant. It’s quite a long haul if your heart is not really in it.

What about other firms offering IFA qualifications?

He should prep, prep, prep for the job with the CFA if he get to the interview stage.
CFA is hard but really worth doing and opens a lot of doors

I realise my original post was badly worded. He has got to the final stage. He has the assessment centre to do

I asked my DH - works in similar field. He suggested lots of research into what the CFA is. Hope he gets it.

@blametheparents Just to clarify, exemptions are awarded by ICAEW, not the employer. They are not easy to come by. They are based on transcripts from your degree or if you already have L4 AAT. Some of the Big 4 will expect you to sit an internal exam in place of the Certificate papers if you have an exemption, just to prove that you are to the same standard at the same time as everyone else. If you repeatedly fail that, you are also out, exempt or not.

I guess that’s what I was trying to say. There are people that my son works with who are entitled to an exemption, but his company do make them sit an exam.
Either way, DS is not entitled to any exemptions so it doesn’t really affect him. And from 2nd year, it seems they all have to sit all of the exams anyway.

Being entitled to an exemption doesn't mean people claim the exemption. You have to apply and pay for them and people choose to take the exams instead.

It can be a massive disadvantage to take exemptions and then launch into the higher level exams without any experience of the exam technique required.

Nothing unusual about an employer having it in the training contract that they don't support claiming exemptions at all or above a certain level etc.

I agree with this. Unless he wants to be an accountant, he needs to know what his exit plan is upon qualifying.

DS has some CIMA exemptions. Like something on business economics.

DS is preparing hard for the assessment centre.

That would be CIMA BA1. It's a nice one to be exempt from as it has quite a lot of business maths in, which they will probably never need again.

All the big 4 expect them to take their exemptions at Certificate level and from the 2 papers at Prof Stage (BST and FM) for which exemptions are available. I think GT mat be the only firm which insists they sit all exams, exempt or not. At least they did a few years ago. However, they need to ensure that their knowledge is equivalent and fresh in their minds, as it's all assumed knowledge when they hit SBM at Advanced Stage. All irrelevant though, as only a few economics degrees give any exemptions from ICAEW, but those are few & far between.

There are hundreds of firms beyond the Big4 (GT being one of them).

DS had a final round the other day. Presented his report very well. Showed passion for the field.

He is kicking himself for flubbing 2 of the competency questions feeling he just mumbled through. He gave an answer with the relevant info but didn't say it coherently.